Service for copy trading. Our Algo automatically opens and closes trades.
The L2T Algo provides highly profitable signals with minimal risk.
24/7 cryptocurrency trading. While you sleep, we trade.
10 minute setup with substantial advantages. The manual is provided with the purchase.
79% Success rate. Our outcomes will excite you.
Up to 70 trades per month. There are more than 5 pairs available.
Monthly subscriptions begin at £58.
In a concerning turn of events, the Russian ruble finds itself in a precarious position, hitting a new 16-month low on Wednesday. The currency’s recent woes can be attributed to a combination of factors, with robust foreign currency demand and a limited supply acting as the primary culprits. These challenges are further compounded by Russia’s shrinking trade surplus and the widening budget deficit, which have collectively dampened market sentiment.
As of the time of writing, the ruble displayed a 0.95% weakening against the dollar as the USD/RUB pair surged to 98.10, its highest mark since March 2022. The ruble’s struggles extended beyond the dollar, as it experienced a 0.94% loss against the euro, leading to a trading rate of 107.50.
According to Reuters, Egor Zhilnikov, an astute analyst from Promsvyazbank, highlighted the crucial role of limited foreign currency supply from exporters in this scenario. The scarcity of foreign currency is rooted in challenges related to repatriating funds and reduced export availability. This scarcity has, understandably, applied considerable pressure on rouble positions, driven by a consistent demand among importers.
Ruble Suffers Hefty Crash Against the Dollar in August
The month of August has proven to be particularly challenging for the ruble, witnessing a 7.6% depreciation against the dollar. This setback followed the cessation of support from the typical month-end tax period, during which exporting firms convert foreign exchange earnings to fulfill their local liabilities.
Throughout the year, the ruble has been navigating the rough waters of Russia’s contracting trade balance. The decline in export revenues coupled with an uptick in imports has contributed to a notable year-to-date decrease of approximately 35%. This slide has pushed the ruble from levels that were once hovering close to 70 to the dollar.
You can purchase Lucky Block here. Buy LBLOCK
- Broker
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Highly volatile unregulated investment products. No EU investor protection.
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
